Effective use of technology can boost a nation's growth and competitiveness
Most people perceive technology as a matter of science and engineering. However, technology has a significant impact on the economy, society, and the competitiveness of a country.
Technology can have a great impact on the economy, society, and a country's competitive capabilities, said PTT Plc executive vice president for new venture development Buranin Rattanasombat.
He recommends incorporating digital technology to create business models that drive economic growth.
Technology is constantly evolving and has revolutionised industries four times. It started with mechanisation, followed by the discovery of steam engines, belts. The third revolution occurred with the emergence of digital technology during the information age. This led to the development of computer technology as the fourth revolution.
The fifth revolution involves the application of digital technology in the fields of medicine, commerce, and energy, Buranin said.
Currently, artificial intelligence (AI) is becoming smarter daily, and if AI is used for general purposes, it can generate value up to US$11 trillion to $17 trillion, he said.
Furthermore, using generative AI can increase the value by an additional 15-40%.
If everyone incorporates AI as a fundamental principle in their work, it can contribute to an economic impact of 35-70%. The economy can grow by implementing digital technology and creating new business models.
However, regardless of how advanced the technology is, we must focus on improving people and processes. It is crucial to explore how digital and AI technologies can be applied to everyday work to achieve the desired outcomes.
PTT, being familiar with the oil business, has shifted its focus towards clean energy and environmentally friendly solutions over the past two years, especially due to the COVID-19 pandemic.
PTT aims to develop battery storage systems, hydrogen energy, and health products. This transformation is necessary to reduce greenhouse gas emissions and earn carbon credits. Additionally, PTT is currently developing lifestyle applications to cater to customer needs.
Regardless of how advanced the technology is, it is essential to adapt it to people and consider how to use it effectively to achieve the desired outcomes. The future of digital transformation is not solely driven by technology, but also by how business operators use it to fulfil the needs of society, the economy and a nation's competitiveness.
Siritida Phanomwan Na Ayutthaya, assistant governor of the payment systems policy and financial technology group at the Bank of Thailand, said that digital innovation plays a significant role in the financial world in Thailand.
Implementing innovation in the financial sector has greatly benefited people's lives, making it easier, convenient, and more comfortable for daily activities. Innovations have brought about significant changes compared to 30 years ago when the Internet began to influence the lives of Thai people.
The impact of digital financial innovations has led to 78 million mobile phone subscribers in Thailand. The adoption of technology has made life more convenient for people, with an average of 48 million transactions per day through financial applications. There are over 9 million QR code acceptance points nationwide. According to surveys, 81% of transactions are conducted through mobile phones, which has grown five times in the past five years.
The success of leveraging innovation to develop Thailand's financial infrastructure is evident in the adoption of the PromptPay system in the Thai financial world. It has evolved and become a mobile-based financial system, reducing the dependency on traditional financial institutions by bringing financial services to the fingertips of the general public, merchants, and businesses.
It allows for easier and more convenient payments and financial transactions without the need to visit branches. Moreover, government agencies have extended the PromptPay system to facilitate the disbursement of state welfare benefits, as well as simplified processes like corporate tax refunds.
Furthermore, Thailand has also expanded the use of QR codes both domestically and internationally, linking with six countries – Cambodia, Malaysia, Vietnam, Singapore, Laos, and Japan – to enable convenient financial connectivity between nations.
